Correlation Between Suzhou Novoprotein and Lushang Property
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and Lushang Property Co, you can compare the effects of market volatilities on Suzhou Novoprotein and Lushang Property and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Suzhou Novoprotein with a short position of Lushang Property. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and Lushang Property.
Diversification Opportunities for Suzhou Novoprotein and Lushang Property
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Suzhou and Lushang is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and Lushang Property Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lushang Property and Suzhou Novoprotein is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Suzhou Novoprotein Scientific are associated (or correlated) with Lushang Property. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lushang Property has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and Lushang Property go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and Lushang Property
Assuming the 90 days trading horizon Suzhou Novoprotein is expected to generate 2.29 times less return on investment than Lushang Property. But when comparing it to its historical volatility, Suzhou Novoprotein Scientific is 1.13 times less risky than Lushang Property. It trades about 0.03 of its potential returns per unit of risk. Lushang Property Co is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 607.00 in Lushang Property Co on October 26, 2024 and sell it today you would earn a total of 98.00 from holding Lushang Property Co or generate 16.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.18% |
| Values | Daily Returns |
Suzhou Novoprotein Scientific vs. Lushang Property Co
Performance |
| Timeline |
| Suzhou Novoprotein |
| Lushang Property |
Suzhou Novoprotein and Lushang Property Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and Lushang Property
The main advantage of trading using opposite Suzhou Novoprotein and Lushang Property positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, Lushang Property can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Lushang Property will offset losses from the drop in Lushang Property's long position.| Suzhou Novoprotein vs. Shanghai Xinhua Media | Suzhou Novoprotein vs. Goodwill E Health | Suzhou Novoprotein vs. Changjiang Publishing Media | Suzhou Novoprotein vs. Guangzhou Jinyi Media |
| Lushang Property vs. AVIC Fund Management | Lushang Property vs. Harvest Fund Management | Lushang Property vs. Jiujiang Shanshui Technology | Lushang Property vs. Cicc Fund Management |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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